The　insurance　industry　plays　a　crucial　role　of　the　national　financial　system,　and　the　operating　efficiency　of　insurance　companies　has　always　been　a　significant　subject　of　academic　research.　This　study　proposes　a　multiperiod　DEA　model　to　dynamically　evaluate　the　operating　efficiency　of　insurance　companies,　which　not　only　overcomes　the　defect　of　the　traditional　DEA　method　ignoring　the　internal　structure　of　decision-making　units,　but　also　extends　the　limitation　of　the　leader-follower　model　in　evaluating　single-period　efficiency.　By　analyzing　the　efficiency　of　seven　listed　insurance　companies　in　China　from　2009　to　2018,　the　following　conclusions　are　drawn.　The　multiperiod　DEA　model　demonstrates　advantages　over　the　leader-follower　model.　The　profitability　of　insurance　companies　during　the　first　five　years　is　higher　compared　with　the　last　five　years.　There　is　a　significant　correlation　between　premium　financing　efficiency　and　overall　efficiency.　Throughout　both　periods,　the　loss　ratio,　loss　reserve　ratio,　and　consumer　price　index　(CPI)　are　always　positively　correlated　with　the　efficiency　of　the　insurer,　while　the　gearing　ratio　is　negatively　related　to　the　efficiency　of　the　insurer.　The　correlation　among　gross　domestic　product　(GDP),　total　insurance　value,　tradable　financial　assets,　and　corporate　efficiency　varies　over　time.